Heart Health Functional Food Market: APAC Industry Analysis and Opportunity Assessment, 2016-2026
LONDON, Dec. 5, 2016 /PRNewswire/ -- The Asia Pacific (APAC) heart health market is expected to reach US$ 655.7 Mn by the end of 2026. The sales revenue is also expected to increase at a CAGR of 6.8% over the forecast period. As people aged 45 years and above are more prone to chronic diseases, people prefer to take preventive measures instead of cures, which is a factor driving demand for health supplements and functional foods. A continuous increase in heart patients is expected to impact growth of the heart health functional food market across APAC during the forecast period. Natural ingredients such as plant sterol and soy protein are the most preferred in the heart health functional food market, especially by consumers who are vegetarian or those seeking halal products.
Market Dynamics
Increasing life expectancy and rising health consciousness among the populace is prompting health care professionals, researchers, government, and functional food manufacturing companies to meet the changing demands of consumers efficiently. As a result, demand for heart health functional foods is expected to increase significantly in APAC over the forecast period owing to an increasing number of consumers opting for preventive measures rather than cures.
Various government healthcare bodies across the region are setting up and enforcing new laws regarding consumption of heart health products, especially omega3 fortified food. This is a factor encouraging manufacturers to introduce new products for specific target audiences. Growing health concerns have resulted in an increased demand for dietary supplement products over the last few years. Drug manufacturing companies have also shown keen interest in enhancing their market presence through new product development and are increasing production capacities of existing plants.
Over the last decade, revenue from the APAC heart health functional food market has increased exponentially, due to which manufacturers in emerging economies are focusing on exporting products to cater to the growing demand from developed economies. In addition, raw material manufacturers and end retailers can leverage the opportunity to earn higher profit margins in the APAC market.
Market forecast
Among all product type segments in the heart health functional food market, revenue from the dairy product segment is anticipated to lead with a CAGR of 7.7% (2016–2026). This segment is expected to remain dominant and anticipated to account for 31.8% value share over the forecast period. The edible oil segment is estimated to account for major value share in 2016, owing to continuous development and launch of edible oils with omega 3 and plant sterol, which is expected to fuel growth of this segment over the forecast period.
The supermarkets segment is expected to contribute comparatively high revenue among the distribution segments over the forecast period, and is estimated to account for around 35.8% value share of the overall APAC market by 2016 end. The hypermarkets segment is also expected to witness favorable revenue growth in the Asia Pacific heart health functional food market, registering a CAGR of 7.2% over the forecast period. This segment is projected to create incremental $ opportunity of US$ 128.9 Mn between 2016 and 2026.
Markets in China and Japan are expected to contribute significantly to the overall revenue growth of the APAC heart health functional food market. Increasing prevalence of chronic diseases, coupled with rising inclination of consumers towards preventive measures in the region are factors expected to fuel growth of the APAC heart health functional food market. Among countries in the region, Japan is estimated to account for majority in terms of revenue share at 28.7% in 2016, followed by China. Sales of breakfast cereals in China, Japan and India is estimated to collectively account for over 68% revenue share of the Asia Pacific heart health functional food market by 2016 end.
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Market players
Key players in the Asia Pacific heart health functional food market covered in the report include Marico Ltd., Kellogg Company, Raisio Plc, Nestlé S.A., Kalbe Farma Tbk, Associated British Foods, Ruchi Soya Industries Ltd., Bagrry's India Ltd., PepsiCo Inc., and ConAgra Foods, Inc.
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